Trump says administration will ban big investors from buying single-family homes | Donald Trump

Donald Trump said his administration is moving to ban large institutional investors from buying single-family homes in an effort to lower home prices.

In a post on social media platform Truth Social, the US president said he would ask Congress to pass the measure and discuss additional housing and affordability proposals in a speech at the World Economic Forum in Davos.

Trump capitalized on affordability concerns during the 2024 presidential campaign and promised to rapidly lower the cost of living for millions of Americans.

But since returning to power a year ago, concerns over prices and affordability have remained as inflation remains stubbornly above typical levels.

During the pandemic in the United States, home prices rose to record levels and then declined. The average sales price was $410,800 last year, according to the U.S. Census Bureau.

“For too long, buying and owning a home was considered the pinnacle of the American Dream,” Trump wrote Wednesday, describing home buying as “the reward for working hard and doing the right thing.”

“The American Dream is becoming more and more out of reach for too many people, especially young Americans,” he added, blaming “Record High Inflation,” which he blamed on his predecessor, Joe Biden.

Trump said: “It’s because of this and much more that I’m taking immediate steps to ban large institutional investors from buying any more single-family homes and will call on Congress to legalize it. People live in homes, not corporations.”

The president is expected to attend the annual meeting of the World Economic Forum in January and speak at the conversation festival in the Swiss Alps. World leaders, executives and lobbyists gather for the event every year.

Reuters contributed reporting